GREY:FNKLF - Post by User
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satelliteguyon Jul 06, 2011 9:57am
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First Nickel Enters Into C$30 Million Project Loan
First Nickel Enters Into C$30 Million Project LoanPress release from Marketwire
First Nickel Enters Into C$30 Million Project Loan Facility
Tuesday, July 05, 2011
TORONTO, ONTARIO--(Marketwire - July 5, 2011) -First Nickel Inc. ("First Nickel" or the "Company") (TSX:FNI) ispleased to announce that it has entered into a credit agreement withrespect to a previously announced project financing arrangement withSociété Générale (Canada Branch), as Administrative Agent and Lender andCommonwealth Bank of Australia, as Documentation Agent and Lender for asenior debt facility of up to C$30 million maturing on March 31, 2015(the "Facility"). Initial funding under the Facility will be subject toimplementation of a hedging program and certain other customary fundingconditions set forth in the credit agreement.
The proceeds of the Facility will be used topartially fund the direct and indirect development and start-up costs atthe Company's Lockerby Depth Project.
William Anderson, President and CEO of First Nickel,commented, "We are very pleased to have entered into this arrangementwith two major international banks. I believe it is a testament to thecalibre of our Lockerby project and the quality of our team".